Cummins Inc. $CMI Stock Holdings Increased by Bessemer Group Inc.

Bessemer Group Inc. grew its holdings in shares of Cummins Inc. (NYSE:CMI) by 24.5% in the first quarter, according to its most recent filing with the SEC. The firm owned 7,975 shares of the company’s stock after acquiring an additional 1,569 shares during the quarter. Bessemer Group Inc.’s holdings in Cummins were worth $4,292,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Juno Financial Group LLC bought a new position in Cummins during the fourth quarter valued at about $883,000. Truist Financial Corp boosted its stake in shares of Cummins by 4.8% during the 4th quarter. Truist Financial Corp now owns 64,005 shares of the company’s stock worth $32,671,000 after acquiring an additional 2,951 shares in the last quarter. Smith Salley Wealth Management boosted its stake in shares of Cummins by 1,381.8% during the 4th quarter. Smith Salley Wealth Management now owns 21,768 shares of the company’s stock worth $11,111,000 after acquiring an additional 20,299 shares in the last quarter. Westfield Capital Management Co. LP acquired a new position in shares of Cummins during the 4th quarter valued at about $7,797,000. Finally, Comprehensive Financial Consultants Institutional Inc. raised its stake in shares of Cummins by 643.0% in the 4th quarter. Comprehensive Financial Consultants Institutional Inc. now owns 7,311 shares of the company’s stock valued at $3,732,000 after acquiring an additional 6,327 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Insiders Place Their Bets

In related news, insider Brett Michael Merritt sold 701 shares of the business’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $688.75, for a total transaction of $482,813.75. Following the transaction, the insider owned 10,404 shares of the company’s stock, valued at approximately $7,165,755. The trade was a 6.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Jennifer Mary Bush sold 5,000 shares of the company’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the transaction, the vice president owned 11,986 shares of the company’s stock, valued at approximately $8,344,773.06. The trade was a 29.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 13,579 shares of company stock valued at $9,377,684 in the last 90 days. 0.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

CMI has been the subject of several analyst reports. Morgan Stanley boosted their target price on Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a report on Friday. Argus lifted their price target on shares of Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a research report on Monday, June 1st. UBS Group reissued a “buy” rating on shares of Cummins in a research report on Wednesday, June 17th. Sanford C. Bernstein restated a “market perform” rating on shares of Cummins in a research note on Friday, May 22nd. Finally, Evercore reaffirmed an “outperform” rating and set a $845.00 price objective on shares of Cummins in a report on Monday, May 11th. Eleven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $740.07.

Cummins Price Performance

NYSE CMI opened at $640.10 on Tuesday. The stock has a 50-day simple moving average of $675.79 and a 200 day simple moving average of $615.85. Cummins Inc. has a twelve month low of $344.02 and a twelve month high of $737.76. The stock has a market capitalization of $88.33 billion, a PE ratio of 33.22, a P/E/G ratio of 1.58 and a beta of 1.22. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. The firm had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The company’s revenue was up 2.7% on a year-over-year basis. During the same quarter last year, the firm posted $5.96 EPS. Research analysts anticipate that Cummins Inc. will post 29.34 EPS for the current year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be paid a $2.20 dividend. The ex-dividend date is Friday, August 21st. This is a positive change from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a dividend yield of 1.4%. Cummins’s dividend payout ratio is 45.67%.

Cummins Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.